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									GOLDEN ENERGY USA, LLC                                                   PROPRIETARY CONFIDENTIAL




              ASSUMPTIONS / INPUTS
              Editable Cells are GREY
              Make sure Iterations are ON - [Tools->Options->Calculation->Iterations]

              Solar Power Project
              System Cost ($/watt AC)                                   $         4.44
              System Size (MW AC)                                               10.07
              Panel Type                                                    Polysilicon
              Tracker                                                       Single Axis

              Performance Inputs
              Annual Output for Year 1 (MWh AC)                                22,705
              Degradation Factor                                                0.50%
              System Lifetime Years = PPA Term                                     25

              Development Costs
               Bechtel Order of Magnitude Estimate
                                                          40 MW AC       10 MW AC
                                                             Price          Price
              Civil Infrastructure Construction             2,987,200        746,800
              Concrete                                      1,563,500        390,875
              Electrical Bulks - DC System                  6,539,900      1,634,975
              Electrical Bulks - AC System                  1,423,100        355,775
              Instrumentation/SCADA                           527,500        131,875
              Mechanical Equipment                         26,609,200      6,652,300
              Panels - Furnish                             82,000,000     20,500,000
              Electrical Equipment - Furnish               12,286,000      3,071,500
              Substation Construction                       2,425,900        606,475
              Construction Distributables                     823,300        205,825
              General Conditions                              750,000        187,500
              Start-up                                        482,500        120,625
              Engineering, Quality, Safety Controls         1,610,500        402,625
                                                        $ 140,028,600   $ 35,007,150

                Other
              Land Lease                                                $    25,000
              Entitlement Costs                                         $ 1,000,000
              Non-Qualifying 1603 Costs                                 $   400,000
              Developer Fee (% of Construction)                              10.00%
              Equity Placement Fee                                            6.00%
              Contingency (% Total Development Cost)                          2.00%
              Construction Period (Months)                                       12
GOLDEN ENERGY USA, LLC                                                     PROPRIETARY CONFIDENTIAL


              Financing
              Refinance in Year 1 of Operation                            No

              Construction Loan
              Construction Loan #1 - (Applies if Refinance is 'Yes')
                 % of Capital Stack                                              60%
                 Fees                                                          2.00%
                 Interest Rate                                                 7.00%
                 Term (Years)                                                      1
              Construction Loan #2 - Interest Only / Against Cash Grant
                 % of Capital Stack                                              30%
                 Fees                                                          2.00%
                 Interest Rate                                                 7.00%
                 Term (Years)                                                      1

              Refinance Loan (Applies if Refinance is 'Yes')
              Permanent Loan LTV                                                 70%
              Permanent Loan Fee                                               2.00%
              Permanent Loan Interest Rate                                     7.00%
              Permanent Loan Term (Years)                                         25
              Cap Rate                                                         8.00%
              Interest on DSR / Inverter Replacement Fund                      3.75%

              Construction & Permanent Loan
              % of Capital Stack                                                 60%
              Fees                                                             2.00%
              Interest Rate                                                    7.00%
              Amortization Term (Years)                                           25

              Sale Option
              Cap Rate                                                           8%
              Transaction Fee                                                    6%

              Operating Revenues
              PPA Energy Sale Price ($/MWh AC)                            $      135
              PPA Energy Sale Price Escalator                                  2.00%
              SREC Sales Price ($/MWh AC)                                 $       65
              SREC Sales Price Escalator                                          0%
              Total Energy Sales Price ($/MWh AC)                         $      200
GOLDEN ENERGY USA, LLC                                                 PROPRIETARY CONFIDENTIAL


              Operating Costs
              O&M Costs ($/MW AC)                                  $       35,000
              O&M Costs Escalator (%/Year)                                  1.00%
              Inverter Replacement Cost ($/MW AC)                  $      125,000
              Inverter Replacement Cost                            $    1,258,750
              Annual Inverter Amount to Reserve                    $       83,917
              Inverter Replacement Time (Years)                                15
              Insurance Expense ($/MW AC)                          $       20,000
              Insurance Escalator (%/Year)                                  1.00%
              G&A (% of Total Revenue)                                      5.00%

              Profit Distributions
              Equity Preferred Return                                          8%
              Equity Distribution of Profits                                  50%
              Developer Distribution of Profits                               50%
              Discount Rate (for NPV)                                          9%

              Taxes
              Federal Income Tax Rate                                          0%
              State Personal Income Tax Rate                                0.00%
              Effective Tax Rate                                            0.00%
              Investment Tax Credit Rate                                       N/A
              Basis Reduction (50% of ITC)                                     N/A
              MACRS Depreciation Term (Years)                      5




              For Reference and Calculation Purposes - Do Not Delete

              Previous Bechtel Order of Magnitude Estimate
                                                     40 MW AC          10 MW AC
                                                        Price             Price
              Civil Infrastructure Construction        2,987,200           746,800
              Concrete                                 1,563,500           390,875
              Electrical Bulks - DC System             6,539,900        1,634,975
              Electrical Bulks - AC System             1,423,100           355,775
              Instrumentation/SCADA                      527,500           131,875
              Mechanical Equipment                    26,609,200        6,652,300
              Panels - Furnish                        94,033,400       23,508,350
              Electrical Equipment - Furnish          12,286,000        3,071,500
              Substation Construction                  2,425,900           606,475
              Construction Distributables                823,300           205,825
GOLDEN ENERGY USA, LLC                                                 PROPRIETARY CONFIDENTIAL


              General Conditions                          1,188,000        297,000
              Start-up                                      482,500        120,625
              Engineering, Quality, Safety Controls       1,610,500        402,625
                                                      $ 152,500,000   $ 38,125,000

                                                          Yes         Refinance
                                                          No          Refinance
                                                           2          Refinance
                                                                      Blank
                                                            3         MACRS
GOLDEN ENERGY USA, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   PROPRIETARY CONFIDENTIAL




                                    Solar Power Project                                                                                                  Capital Structure                                                                                   Equity Returns Summary                                                                                                                                               Base Case Scenario Assumptions
                                    Total Development Cost ($/watt AC)                                          $             4.44                       Senior Debt              87%                                       $ 39,025,390                     Equity Investment                                                       $ 5,649,726
                                    System Size (MW AC)                                                                      10.07                                             Loan #1                                      $ 26,805,070                     Equity IRR                                                                      22%                                                                                  Construction Costs
                                    Year 1 MWh Sale Price                                                       $              135                                             Loan #2                                      $ 12,220,320                                                                                                                                                                                          $35,000,000
                                    Year 1 MWh SREC Sale Price                                                  $               65                       Equity                   13%                                       $ 5,649,726
                                    Year 1 Annual Output (MWh AC)                                                           22,705                                                                                                                                                                                  Annual Cash Flow To Equity                                                                                    SREC Price
                                    Panel Type                                                                          Polysilicon                      Total Capital Stack                                                $ 44,675,116                                                                                                                                                                                                 $65
                                    Tracker                                                                     Single Axis Tracker
                                                                                                                                                                                                                                                                                      $2,000,000
                                    Total Development Cost                                                                                               Capital Structure Summary
                                    Acquisition                                                                       Cost                               Senior Debt includes two loans:                                                                                              $1,000,000
                                    Entitlement, Lease, Interconnect/PPA/SREC Agreements                        $      1,000,000
                                                                                                                                                         The first loan is assumed at 60% loan to value of the total development cost.
                                    Construction                                                                                                         This loan is interest only during construction (Year 0). This is either                                                              $0




                                                                                                                                                                                                                                                              Pre Tax Cash Flow
                                    10 MW AC Solar Power Array                                                  $      35,007,150                        amortized over 25 years or can be refinanced based on Year 1 Net Cash                                                                         0        2       4       6     8         10        12      14    16   18       20        22      24
                                    Non-1603 Qualifying Construction Costs                                      $         400,000                        Flow from Operations. Interest costs during construction (Year 0) are
                                    Developer Fee                                                               $       3,540,715                        capitalized into the project cost basis.                                                                                 ($1,000,000)

                                    Financing                                                                                                            The second loan is 30% loan to value of the total 1603 qualifying
                                    Construction Loan #1 Fee ($26,805,070) @ 2.00%                              $         536,101                        development cost. This loan is interest only during construction (Year 0) and                                            ($2,000,000)
                                    Construction Loan #1 Interest ($26,805,070) @ 7.00%                         $       1,876,355                        capitalized into the project cost basis. It is collateralized by the United States
                                    Construction Loan #2 Fee ($12,220,320) @ 2.00%                              $         244,406                        Treasury Department 1603 Cash Grant Program. In this program, the US
                                    Construction Loan #2 Interest ($12,220,320) @ 7.00%                         $         855,422                        government pays back 30% of the Total Development Cost of qualifying                                                     ($3,000,000)
                                    Equity Placement Fee                                                        $         338,984                        renewable energy facilities, including solar. The Cash Grant is paid within 60
                                                                                                                                                         days of project completion. All qualifying facilities receive the grant. The
                                                                                                                                                                                                                                                                                  ($4,000,000)
                                    Contingency                                                                 $           875,983                      Treasury has paid over $7.7 billion in grants since 2008. The principal on this
                                                                                                                                                         loan is paid at the end of Year 0.
                                    Total Development Cost                                                      $      44,675,116                                                                                                                                                 ($5,000,000)
                                                                                                                                                         Equity funds the 10% balance of total developments costs.
                                    Total Cost - Qualifying for 1603 Reimbursement                              $      40,734,401                                                                                                                                                                                                                         Year
                                    Total Cost - Non-Qualifying for 1603 Reimbursement                                  3,940,715




                                    PROFORMA
                                    Year                                                                                0                      1                2               3                4                5                6               7                              8                9                    10                  11                     12             13                    14             15              16              17            18             19             20             21             22             23             24             25            Totals
                                    Energy Production (MWh AC)                                                               11,353            22,705           22,591          22,479           22,366           22,254           22,143          22,032                         21,922           21,813                21,703              21,595                 21,487         21,380                21,273         21,166          21,060          20,955        20,850         20,746         20,642         20,539         20,436         20,334         20,233         20,131        546,190

                                    Revenues
                                    Energy Sales ($/MWh AC)                                                            $1,532,588       $3,126,479        $3,173,063       $3,220,342       $3,268,325      $3,317,023        $3,366,446      $3,416,606      $3,467,514                     $3,519,180             $3,571,616       $3,624,833                $3,678,843    $3,733,658              $3,789,289    $3,845,749      $3,903,051    $3,961,207      $4,020,229     $4,080,130     $4,140,924     $4,202,624     $4,265,243     $4,328,795     $4,393,294     $4,458,754      $95,405,801
                                    SREC Sales                                                                           $737,913       $1,475,825        $1,468,446       $1,461,104       $1,453,798      $1,446,529        $1,439,296      $1,432,100      $1,424,940                     $1,417,815             $1,410,726       $1,403,672                $1,396,654    $1,389,670              $1,382,722    $1,375,809      $1,368,929    $1,362,085      $1,355,274     $1,348,498     $1,341,756     $1,335,047     $1,328,372     $1,321,730     $1,315,121     $1,308,545      $35,502,374
                                    Total Revenue                                                                      $2,270,500       $4,602,304        $4,641,509       $4,681,445       $4,722,123      $4,763,552        $4,805,743      $4,848,706      $4,892,453                     $4,936,995             $4,982,341       $5,028,505                $5,075,496    $5,123,328              $5,172,011    $5,221,558      $5,271,981    $5,323,291      $5,375,503     $5,428,628     $5,482,679     $5,537,670     $5,593,614     $5,650,524     $5,708,415     $5,767,299     $130,908,175

                                    Costs
                                    O&M                                                                                 ($352,450)       ($355,975)         ($359,534)       ($363,130)      ($366,761)       ($370,428)       ($374,133)      ($377,874)          ($381,653)                 ($385,469)             ($389,324)       ($393,217)                ($397,149)    ($401,121)             ($405,132)     ($409,184)      ($413,275)     ($417,408)      ($421,582)     ($425,798)     ($430,056)     ($434,357)     ($438,700)     ($443,087)     ($447,518)    ($451,993)    ($10,406,309)
                                    G&A                                                                                 ($113,525)       ($230,115)         ($232,075)       ($234,072)      ($236,106)       ($238,178)       ($240,287)      ($242,435)          ($244,623)                 ($246,850)             ($249,117)       ($251,425)                ($253,775)    ($256,166)             ($258,601)     ($261,078)      ($263,599)     ($266,165)      ($268,775)     ($271,431)     ($274,134)     ($276,884)     ($279,681)     ($282,526)     ($285,421)    ($288,365)     ($6,545,409)
                                    Inverter Replacement Fund                                                                  $0         ($83,917)          ($80,770)        ($77,623)       ($74,476)        ($71,329)        ($68,182)       ($65,035)           ($61,889)                  ($58,742)              ($55,595)        ($52,448)                 ($49,301)     ($46,154)              ($43,007)      ($39,860)       ($83,917)      ($80,770)       ($77,623)      ($74,476)      ($71,329)      ($68,182)      ($65,035)      ($61,889)      ($58,742)     $783,572        ($786,719)
                                    Insurance Premiums                                                                  ($201,400)       ($203,414)         ($205,448)       ($207,503)      ($209,578)       ($211,673)       ($213,790)      ($215,928)          ($218,087)                 ($220,268)             ($222,471)       ($224,696)                ($226,943)    ($229,212)             ($231,504)     ($233,819)      ($236,157)     ($238,519)      ($240,904)     ($243,313)     ($245,746)     ($248,204)     ($250,686)     ($253,193)     ($255,725)    ($258,282)     ($5,946,462)
                                    Land Lease                                                                           ($18,750)        ($25,000)          ($25,000)        ($25,000)       ($25,000)        ($25,000)        ($25,000)       ($25,000)           ($25,000)                  ($25,000)              ($25,000)        ($25,000)                 ($25,000)     ($25,000)              ($25,000)      ($25,000)       ($25,000)      ($25,000)       ($25,000)      ($25,000)      ($25,000)      ($25,000)      ($25,000)      ($25,000)      ($25,000)     ($25,000)       ($643,750)
                                    Total Costs                                                                         ($686,125)       ($898,420)         ($902,828)       ($907,327)      ($911,921)       ($916,609)       ($921,392)      ($926,273)          ($931,251)                 ($936,329)             ($941,507)       ($946,786)                ($952,168)    ($957,654)             ($963,244)     ($968,941)    ($1,021,948)   ($1,027,861)    ($1,033,884)   ($1,040,019)   ($1,046,265)   ($1,052,626)   ($1,059,102)   ($1,065,695)   ($1,072,405)    ($240,068)    ($24,328,649)

                                    Net Cash Flow From Operations                                                      $1,584,375       $3,703,883        $3,738,681       $3,774,118       $3,810,202      $3,846,943        $3,884,351      $3,922,434      $3,961,202                     $4,000,666             $4,040,835       $4,081,719                $4,123,329    $4,165,674              $4,208,767    $4,252,617      $4,250,032    $4,295,430      $4,341,619     $4,388,609     $4,436,414     $4,485,044     $4,534,512     $4,584,830     $4,636,010     $5,527,231     $106,579,527

                                    Loan Interest Expense (Capitalized in Year 0)                                               $0      ($1,876,355)      ($1,846,689)    ($1,814,946)     ($1,780,981)     ($1,744,639)     ($1,705,753)     ($1,664,144)   ($1,619,623)                    ($1,571,986)           ($1,521,014)     ($1,466,474)          ($1,408,116)      ($1,345,674)        ($1,278,860)      ($1,207,369)   ($1,130,874)   ($1,049,024)      ($961,445)     ($867,735)     ($767,465)     ($660,177)     ($545,378)     ($422,544)     ($291,111)     ($150,478)   ($30,698,853)
                                    Loan Principal Repayment Expense (Interest Only in Year 0)                                  $0        ($423,802)        ($453,468)      ($485,211)       ($519,176)       ($555,518)       ($594,404)       ($636,013)     ($680,533)                      ($728,171)             ($779,143)       ($833,683)            ($892,041)        ($954,483)        ($1,021,297)      ($1,092,788)   ($1,169,283)   ($1,251,133)    ($1,338,712)   ($1,432,422)   ($1,532,692)   ($1,639,980)   ($1,754,779)   ($1,877,613)   ($2,009,046)   ($2,149,679)   ($26,805,070)
                                    Interest Earned on Inverter Replacement Fund                                                $0               $0            $3,147          $6,294           $9,441          $12,588          $15,734          $18,881        $22,028                         $25,175                $28,322          $31,469               $34,616           $37,763             $40,909           $44,056             $0         $3,147          $6,294         $9,441        $12,588        $15,734        $18,881        $22,028        $25,175        $28,322        $472,031
                                    Loan Fees if Refinanced                                                                     $0               $0                $0              $0               $0               $0               $0               $0             $0                              $0                     $0               $0                    $0                $0                  $0                $0             $0             $0              $0             $0             $0             $0             $0             $0             $0             $0              $0
                                    Cash Flow if Refinanced                                                                     $0               $0                $0              $0               $0               $0               $0               $0             $0                              $0                     $0               $0                    $0                $0                  $0                $0             $0             $0              $0             $0             $0             $0             $0             $0             $0             $0              $0
                                    Net Finance Costs                                                                           $0      ($2,300,157)      ($2,297,010)    ($2,293,863)     ($2,290,716)     ($2,287,569)     ($2,284,423)     ($2,281,276)   ($2,278,129)                    ($2,274,982)           ($2,271,835)     ($2,268,688)          ($2,265,541)      ($2,262,394)        ($2,259,248)      ($2,256,101)   ($2,300,157)   ($2,297,010)    ($2,293,863)   ($2,290,716)   ($2,287,569)   ($2,284,423)   ($2,281,276)   ($2,278,129)   ($2,274,982)   ($2,271,835)   ($57,031,891)

                                    Net Cash Flow After Financing Costs                                                $1,584,375       $1,403,726        $1,441,671       $1,480,255       $1,519,486      $1,559,374        $1,599,928      $1,641,158      $1,683,073                     $1,725,684             $1,769,000       $1,813,031                $1,857,787    $1,903,280              $1,949,519    $1,996,516      $1,949,875    $1,998,420      $2,047,755     $2,097,893     $2,148,845     $2,200,622     $2,253,237     $2,306,701     $2,361,028     $3,255,396      $49,547,635

                                    Taxable Income Before Depreciation                                                 $1,584,375    $1,911,445            $1,979,056      $2,049,382       $2,122,578      $2,198,809        $2,278,249      $2,361,087      $2,447,523                     $2,537,771             $2,632,059       $2,730,630                $2,833,744    $2,941,680              $3,054,733    $3,173,221      $3,203,075    $3,333,470      $3,470,384     $3,614,232     $3,765,453     $3,924,519     $4,091,932     $4,268,231     $4,453,991     $4,649,826      $77,611,455
                                    Depreciation (MACRS 5-year)                                                       $12,853,700   $17,142,123            $5,711,470      $2,857,663               $0              $0                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0      $38,564,956
                                    Navajo Fund (10% of Cash Flow)                                      10%                    $0            $0                    $0              $0         $151,949        $155,937          $159,993        $164,116        $168,307                       $172,568               $176,900         $181,303                  $185,779      $190,328                $194,952      $199,652        $194,988      $199,842        $204,776       $209,789       $214,884       $220,062       $225,324       $230,670       $236,103       $325,540       $4,363,761
                                    Commission to i-Solar                                                                      $0            $0                    $0              $0         $683,769        $701,718          $719,968        $738,521        $757,383                       $776,558               $796,050         $815,864                  $836,004      $856,476                $877,284      $898,432        $877,444      $899,289        $921,490       $944,052       $966,980       $990,280     $1,013,956     $1,038,016     $1,062,463     $1,464,928      $19,636,924
                                    Net Taxable Income                                                               ($11,269,325) ($15,230,678)          ($3,732,414)      ($808,281)      $1,286,861      $1,341,153        $1,398,289      $1,458,450      $1,521,833                     $1,588,645             $1,659,109       $1,733,463                $1,811,961    $1,894,876              $1,982,498    $2,075,137      $2,130,644    $2,234,339      $2,344,119     $2,460,391     $2,583,588     $2,714,177     $2,852,652     $2,999,545     $3,155,425     $2,859,358      $15,045,815
                                    Tax Refund / (Liability)                                                                   $0            $0                    $0              $0               $0              $0                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0               $0
                                    Tax Refund / (Liability) with Benefit of Carryforward                                      $0            $0                    $0              $0               $0              $0                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0               $0
                                                                                                                                0             1                     2               3                4               5                 6               7               8                              9                     10               11                        12            13                      14            15              16            17              18             19             20             21             22             23             24             25
                                    NET CASH FLOW FOR ECMMS                                                            $1,584,375    $1,403,726            $1,441,671      $1,480,255         $683,769        $701,718          $719,968        $738,521        $757,383                       $776,558               $796,050         $815,864                  $836,004      $856,476                $877,284      $898,432        $877,444      $899,289        $921,490       $944,052       $966,980       $990,280     $1,013,956     $1,038,016     $1,062,463     $1,464,928      $25,546,951

                                    Preferred Return to Equity and Equity Payback
                                    Preferred Return to Equity                                                          ($451,978)        ($361,386)        ($277,999)      ($184,905)        ($81,277)        ($33,078)               $0              $0                              $0                  $0                   $0               $0                     $0             $0                    $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0     ($1,390,625)
                                    Equity Payback                                                                    ($1,132,397)      ($1,042,340)      ($1,163,672)    ($1,295,349)       ($602,491)       ($413,477)               $0              $0                              $0                  $0                   $0               $0                     $0             $0                    $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0     ($5,649,726)

                                    Net Cash Flow After Preferred Return and Equity Pay Down                                    $0                 $0               $0              $0               $0       $255,164          $719,968        $738,521                 $757,383              $776,558               $796,050            $815,864               $836,004      $856,476               $877,284       $898,432        $877,444      $899,289        $921,490       $944,052       $966,980       $990,280     $1,013,956     $1,038,016     $1,062,463     $1,464,928      $18,506,600

                                    Cash Distributions
                                    Cash to Equity                                                                              $0                 $0               $0              $0               $0       ($127,582)       ($359,984)      ($369,261)          ($378,691)                 ($388,279)             ($398,025)       ($407,932)                ($418,002)    ($428,238)             ($438,642)     ($449,216)      ($438,722)    ($449,644)      ($460,745)     ($472,026)     ($483,490)     ($495,140)     ($506,978)     ($519,008)     ($531,231)     ($732,464)     ($9,253,300)
                                    Cash to Developer                                                                           $0                 $0               $0              $0               $0              $0               $0              $0                  $0                         $0                     $0               $0                        $0            $0                     $0             $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0               $0

                                    Net Cash Flow After Profit Distributions                                                                       $0               $0              $0               $0       $127,582          $359,984        $369,261                 $378,691              $388,279               $398,025            $407,932               $418,002      $428,238               $438,642       $449,216        $438,722      $449,644        $460,745       $472,026       $483,490       $495,140       $506,978       $519,008       $531,231       $732,464       $9,253,300

                                    Summary of Distributions                                                            0                    1                  2               3                4                5                6               7                              8                9                    10                  11                     12             13                    14             15              16              17            18             19             20             21             22             23             24             25            Totals
                                    Accrued Equity Balance                                       ($5,649,726)         ($4,517,329)      ($3,474,989)      ($2,311,317)    ($1,015,968)       ($413,477)             $0                $0              $0                       $0                    $0                     $0                  $0                     $0            $0                     $0             $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0
                                    Net Cash Flow to Equity                                                           ($4,065,351)       $1,403,726        $1,441,671      $1,480,255         $683,769        $574,136          $359,984        $369,261                 $378,691              $388,279               $398,025            $407,932               $418,002      $428,238               $438,642       $449,216        $438,722      $449,644        $460,745       $472,026       $483,490       $495,140       $506,978       $519,008       $531,231       $732,464      $10,643,925
                                    Equity IRR                                                          22%

                                    Net Cash Flow to Developer                                                                                     $0               $0              $0               $0               $0               $0              $0                              $0                  $0                   $0               $0                     $0             $0                    $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0              $0

                                    Taxes                                                                               0                      1                2               3                4                5                6               7                              8                9                    10                  11                     12             13                    14             15              16              17            18             19             20             21             22             23             24             25
                                    New Mexico Income Tax
                                    Taxable Income                                                                     $1,584,375        $3,787,800        $3,825,745      $3,864,328       $3,903,559       $3,943,447       $3,984,002       $4,025,232     $4,067,147                      $4,109,757             $4,153,073       $4,197,104            $4,241,861        $4,287,354          $4,333,593        $4,380,590     $4,333,949     $4,382,494     $4,431,829     $4,481,967     $4,532,918     $4,584,695     $4,637,310     $4,690,775     $4,745,102     $4,800,303
                                    Interest Payments                                                                          $0       ($1,876,355)      ($1,846,689)    ($1,814,946)     ($1,780,981)     ($1,744,639)     ($1,705,753)     ($1,664,144)   ($1,619,623)                    ($1,571,986)           ($1,521,014)     ($1,466,474)          ($1,408,116)      ($1,345,674)        ($1,278,860)      ($1,207,369)   ($1,130,874)   ($1,049,024)     ($961,445)     ($867,735)     ($767,465)     ($660,177)     ($545,378)     ($422,544)     ($291,111)     ($150,478)
                                    Taxable Income After Interest Payments                                             $1,584,375        $1,911,445        $1,979,056      $2,049,382       $2,122,578       $2,198,809       $2,278,249       $2,361,087     $2,447,523                      $2,537,771             $2,632,059       $2,730,630            $2,833,744        $2,941,680          $3,054,733        $3,173,221     $3,203,075     $3,333,470     $3,470,384     $3,614,232     $3,765,453     $3,924,519     $4,091,932     $4,268,231     $4,453,991     $4,649,826
                                    Depreciation Schedule                                                                     20%               32%               19%             12%              12%               6%               0%               0%             0%                              0%                     0%               0%                    0%                0%                  0%                0%             0%             0%             0%             0%             0%             0%             0%             0%             0%             0%
                                    Depreciation Basis                                       $ 38,564,956
                                    Depreciation                                                                       $7,712,991   $12,340,786            $7,404,472      $4,442,683       $4,442,683      $2,221,341                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0
                                    Taxable Income                                                                    ($6,128,616) ($10,429,341)          ($5,425,416)    ($2,393,301)     ($2,320,105)       ($22,533)       $2,278,249      $2,361,087      $2,447,523                     $2,537,771             $2,632,059       $2,730,630                $2,833,744    $2,941,680              $3,054,733    $3,173,221      $3,203,075    $3,333,470      $3,470,384     $3,614,232     $3,765,453     $3,924,519     $4,091,932     $4,268,231     $4,453,991     $4,649,826
                                    State Tax Refund/(Liability)                                       0.00%                   $0            $0                    $0              $0               $0              $0                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0

                                    Federal Income Tax
                                    Taxable Income                                                                     $1,584,375        $3,787,800        $3,825,745      $3,864,328       $3,903,559       $3,943,447       $3,984,002       $4,025,232     $4,067,147                      $4,109,757             $4,153,073       $4,197,104            $4,241,861        $4,287,354          $4,333,593        $4,380,590     $4,333,949     $4,382,494     $4,431,829     $4,481,967     $4,532,918     $4,584,695     $4,637,310     $4,690,775     $4,745,102     $4,800,303
                                    Interest Payments                                                                          $0       ($1,876,355)      ($1,846,689)    ($1,814,946)     ($1,780,981)     ($1,744,639)     ($1,705,753)     ($1,664,144)   ($1,619,623)                    ($1,571,986)           ($1,521,014)     ($1,466,474)          ($1,408,116)      ($1,345,674)        ($1,278,860)      ($1,207,369)   ($1,130,874)   ($1,049,024)     ($961,445)     ($867,735)     ($767,465)     ($660,177)     ($545,378)     ($422,544)     ($291,111)     ($150,478)
                                    Taxable Income After Interest Payments                                             $1,584,375        $1,911,445        $1,979,056      $2,049,382       $2,122,578       $2,198,809       $2,278,249       $2,361,087     $2,447,523                      $2,537,771             $2,632,059       $2,730,630            $2,833,744        $2,941,680          $3,054,733        $3,173,221     $3,203,075     $3,333,470     $3,470,384     $3,614,232     $3,765,453     $3,924,519     $4,091,932     $4,268,231     $4,453,991     $4,649,826
                                    Depreciation Schedule                                                                     20%               32%               19%             12%              12%               6%               0%               0%             0%                              0%                     0%               0%                    0%                0%                  0%                0%             0%             0%             0%             0%             0%             0%             0%             0%             0%             0%
                                    Depreciation Basis                                       $ 38,564,956
                                    Depreciation                                                                       $7,712,991   $12,340,786            $7,404,472      $4,442,683       $4,442,683      $2,221,341                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0
                                    State Taxes Refund/(Liability)                                                             $0            $0                    $0              $0               $0              $0                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0
                                    Taxable Income                                                                    ($6,128,616) ($10,429,341)          ($5,425,416)    ($2,393,301)     ($2,320,105)       ($22,533)       $2,278,249      $2,361,087      $2,447,523                     $2,537,771             $2,632,059       $2,730,630                $2,833,744    $2,941,680              $3,054,733    $3,173,221      $3,203,075    $3,333,470      $3,470,384     $3,614,232     $3,765,453     $3,924,519     $4,091,932     $4,268,231     $4,453,991     $4,649,826
                                    Federal Tax Refund/(Liability)                                     0.00%                   $0            $0                    $0              $0               $0              $0                $0              $0              $0                             $0                     $0               $0                        $0            $0                      $0            $0              $0            $0              $0             $0             $0             $0             $0             $0             $0             $0
                                    Investment Tax Credit (N/A, Cash Grant in Lieu)
                                    Total Tax Refund/(Liability)                                                                $0                 $0               $0              $0               $0               $0               $0              $0                              $0                  $0                   $0               $0                     $0             $0                    $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0

                                    Cumulative Tax Refund/(Liability) - Running Total                                           $0                 $0               $0              $0               $0               $0               $0              $0                              $0                  $0                   $0               $0                     $0             $0                    $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0


                                    Debt Schedule                                            Year                       0                      1                2               3                4                5                6               7                              8                9                    10                  11                     12             13                    14             15              16              17            18             19             20             21             22             23             24             25
                         Option 1   Construction Loan #1 - Interest Only in Year 0
                                    Debt Term Flag                                                                     1                      0                0                0                0               0                0                0                              0                0                     0                  0                      0              0                      0              0              0               0              0              0              0              0              0              0              0              0
                                    Beginning Balance                                                                 $26,805,070                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Debt Service - Interest Only                                                       $1,876,355                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Interest                                                                           $1,876,355                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0

                                    Principal Reduction                                                                        $0                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Ending Balance                                                                    $26,805,070                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0

                                    Construction Loan #2 - Interest Only in Year 0
                                    Debt Term Flag                                                                     1                      0                0                0                0               0                0                0                              0                0                     0                  0                      0              0                      0              0              0               0              0              0              0              0              0              0              0              0
                                    Beginning Balance                                                                 $12,220,320                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Debt Service - Interest Only                                                         $855,422                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Interest                                                                             $855,422                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0

                                    Principal Reduction                                                                        $0                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Ending Balance                                                                    $12,220,320                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0

                                    Refinance in Year 1
                                    Debt Term Flag                                                                                        #VALUE!           #VALUE!          #VALUE!         #VALUE!          #VALUE!         #VALUE!          #VALUE!             #VALUE!                    #VALUE!                #VALUE!          #VALUE!                   #VALUE!       #VALUE!                #VALUE!        #VALUE!         #VALUE!       #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
                                    Beginning Balance                                                                                  N/A                  #VALUE!          #VALUE!         #VALUE!          #VALUE!         #VALUE!          #VALUE!             #VALUE!                    #VALUE!                #VALUE!          #VALUE!                   #VALUE!       #VALUE!                #VALUE!        #VALUE!         #VALUE!       #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
                                    Debt Service                                                                                          #VALUE!           #VALUE!          #VALUE!         #VALUE!          #VALUE!         #VALUE!          #VALUE!             #VALUE!                    #VALUE!                #VALUE!          #VALUE!                   #VALUE!       #VALUE!                #VALUE!        #VALUE!         #VALUE!       #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
                                    Interest                                                                                              #VALUE!           #VALUE!          #VALUE!         #VALUE!          #VALUE!         #VALUE!          #VALUE!             #VALUE!                    #VALUE!                #VALUE!          #VALUE!                   #VALUE!       #VALUE!                #VALUE!        #VALUE!         #VALUE!       #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!

                                    Principal Reduction                                                                                  #VALUE!            #VALUE!          #VALUE!         #VALUE!          #VALUE!         #VALUE!          #VALUE!             #VALUE!                    #VALUE!                #VALUE!          #VALUE!                   #VALUE!       #VALUE!                #VALUE!        #VALUE!         #VALUE!       #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!
                                    Ending Balance                                                                               $0      #VALUE!            #VALUE!          #VALUE!         #VALUE!          #VALUE!         #VALUE!          #VALUE!             #VALUE!                    #VALUE!                #VALUE!          #VALUE!                   #VALUE!       #VALUE!                #VALUE!        #VALUE!         #VALUE!       #VALUE!         #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!        #VALUE!

                         Option 2   Construction / Permanent Loan #1 - Interest Only in Year 0
                                    Debt Term Flag                                                                     1                    1                  1                1               1                1               1                 1               1                              1                      1                1                         1             1                   1                 1               1             1               1              1              1              1              1              1              1              1
                                    Beginning Balance                                                                 $26,805,070       $26,805,070       $26,381,268      $25,927,800     $25,442,589      $24,923,413      $24,367,895      $23,773,491     $23,137,478                    $22,456,945            $21,728,774      $20,949,631               $20,115,949   $19,223,908         $18,269,425       $17,248,128     $16,155,340   $14,986,056     $13,734,923    $12,396,211    $10,963,789     $9,431,097     $7,791,117     $6,036,339     $4,158,725     $2,149,679
                                    Debt Service                                                                       $1,876,355        $2,300,157        $2,300,157       $2,300,157      $2,300,157       $2,300,157       $2,300,157       $2,300,157      $2,300,157                     $2,300,157             $2,300,157       $2,300,157                $2,300,157    $2,300,157          $2,300,157        $2,300,157      $2,300,157    $2,300,157      $2,300,157     $2,300,157     $2,300,157     $2,300,157     $2,300,157     $2,300,157     $2,300,157     $2,300,157
                                    Interest                                                                           $1,876,355        $1,876,355        $1,846,689       $1,814,946      $1,780,981       $1,744,639       $1,705,753       $1,664,144      $1,619,623                     $1,571,986             $1,521,014       $1,466,474                $1,408,116    $1,345,674          $1,278,860        $1,207,369      $1,130,874    $1,049,024        $961,445       $867,735       $767,465       $660,177       $545,378       $422,544       $291,111       $150,478

                                    Principal Reduction                                                                        $0          $423,802          $453,468         $485,211        $519,176         $555,518         $594,404         $636,013        $680,533                       $728,171               $779,143         $833,683                  $892,041      $954,483          $1,021,297        $1,092,788      $1,169,283    $1,251,133      $1,338,712     $1,432,422     $1,532,692     $1,639,980     $1,754,779     $1,877,613     $2,009,046     $2,149,679
                                    Ending Balance                                                                    $26,805,070       $26,381,268       $25,927,800      $25,442,589     $24,923,413      $24,367,895      $23,773,491      $23,137,478     $22,456,945                    $21,728,774            $20,949,631      $20,115,949               $19,223,908   $18,269,425         $17,248,128       $16,155,340     $14,986,056   $13,734,923     $12,396,211    $10,963,789     $9,431,097     $7,791,117     $6,036,339     $4,158,725     $2,149,679             $0

                                    Construction Loan #2 - Interest Only in Year 0
                                    Debt Term Flag                                                                      1                      0                0               0                0                0                0               0                              0                0                        0               0                      0              0                      0              0              0               0              0              0              0              0              0              0              0              0
                                    Beginning Balance                                                                 $12,220,320                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Debt Service - Interest Only                                                         $855,422                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Interest                                                                             $855,422                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0

                                    Principal Reduction                                                                        $0                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0
                                    Ending Balance                                                                    $12,220,320                  $0                $0              $0               $0              $0                $0             $0                               $0                 $0                   $0                   $0                 $0                 $0                $0             $0              $0              $0            $0             $0             $0             $0             $0             $0             $0             $0

                                    Inverter Replacement Fund                                                           0                     1                2                3                4               5                6                7                        8                     9                     10                  11                     12            13                      14            15              16            17              18             19             20             21             22             23             24             25
                                    Beginning Balance                                                                           $0                 $0        $83,917         $167,833         $251,750        $335,667          $419,583        $503,500                 $587,417              $671,333               $755,250            $839,167               $923,083    $1,007,000              $1,090,917    $1,174,833               $0      $83,917        $167,833       $251,750       $335,667       $419,583       $503,500       $587,417       $671,333       $755,250
                                    Initial Funding                                                                             $0           $83,917         $83,917          $83,917          $83,917         $83,917           $83,917         $83,917                  $83,917               $83,917                $83,917             $83,917                $83,917       $83,917                 $83,917       $83,917         $83,917       $83,917         $83,917        $83,917        $83,917        $83,917        $83,917        $83,917        $83,917        $83,917
                                    Withdrawal                                                                                  -                -               -                -                -               -                 -               -                        -                     -                      -                   -                      -             -                       -      (1,258,750)            -             -               -              -              -              -              -              -              -              -
                                    Final Operations Year Withdrawal                                                            -                -               -                -                -               -                 -               -                        -                     -                      -                   -                      -             -                       -             -               -             -               -              -              -              -              -              -              -         (839,167)
                                    Ending Balance                                                                                $0         $83,917        $167,833         $251,750         $335,667        $419,583          $503,500        $587,417                 $671,333              $755,250               $839,167            $923,083             $1,007,000    $1,090,917              $1,174,833             $0        $83,917      $167,833        $251,750       $335,667       $419,583       $503,500       $587,417       $671,333       $755,250              $0
                                    Interest Rate                                                                             3.75%
                                    Net Cash Flow                                                                                 $0         ($83,917)       ($80,770)        ($77,623)       ($74,476)        ($71,329)        ($68,182)       ($65,035)                   ($61,889)          ($58,742)              ($55,595)           ($52,448)              ($49,301)     ($46,154)               ($43,007)     ($39,860)       ($83,917)     ($80,770)       ($77,623)      ($74,476)      ($71,329)      ($68,182)      ($65,035)      ($61,889)      ($58,742)      $783,572

                                    DSCR                                                                                0                   1                 2                3                4               5                 6               7               8                              9                      10               11                        12            13                      14            15              16            17              18             19             20             21             22             23             24             25
                                    Cash Flow Available for Debt Service (CFADS)                                                        $3,703,883        $3,738,681       $3,774,118       $3,810,202      $3,846,943        $3,884,351      $3,922,434      $3,961,202                     $4,000,666             $4,040,835       $4,081,719                $4,123,329    $4,165,674              $4,208,767    $4,252,617      $4,250,032    $4,295,430      $4,341,619     $4,388,609     $4,436,414     $4,485,044     $4,534,512     $4,584,830     $4,636,010     $5,527,231
                                    Debt Service Coverage Ratio (DSCR)                                                                         1.61              1.63             1.64             1.66            1.67              1.69            1.71            1.72                           1.74                   1.76             1.77                      1.79          1.81                    1.83          1.85            1.85          1.87            1.89           1.91           1.93           1.95           1.97           1.99           2.02           2.40

                                    MACRS Schedule                                                                           Term              1                2               3                4                5                6               7                              8                9                    10                  11                     12             13                    14             15              16              17            18             19             20             21             22             23             24             25              26
                                                                                                           1                    0
                                                                                                           2                    3             33.33%           44.45%           14.81%           7.41%
                                                                                                           3                    5             20.00%           32.00%           19.20%          11.52%           11.52%             5.76%
                                                                                                           4                    7             14.29%           24.49%           17.49%          12.49%            8.93%             8.92%           8.93%                         4.46%
                                                                                                           5                   10             10.00%           18.00%           14.40%          11.52%            9.22%             7.37%           6.55%                         6.55%            6.56%                    6.55%            3.28%
                                                                                                           6                   15              5.00%            9.50%            8.55%           7.70%            6.93%             6.23%           5.90%                         5.90%            5.91%                    5.90%            5.91%                  5.90%          5.91%                  5.90%          5.91%          2.95%
                                                                                                           7                   20              3.75%            7.22%            6.68%           6.18%            5.71%             5.29%           4.89%                         4.52%            4.46%                    4.46%            4.46%                  4.46%          4.46%                  4.46%          4.46%          4.46%           4.46%          4.46%          4.46%          4.46%          2.23%
                                                                                                           8            5 + Bonus              60.0%           16.00%            9.60%           5.76%            5.76%             2.88%

                                    Summary of Refinancing in Year 1 of Operation (Option)                              0                      1                2               3                4                5                6               7                              8                9                    10                  11                     12             13                    14             15              16              17            18             19             20             21             22             23             24             25
                                    Net Cash Flow from Operations                                                                      N/A
                                    Cap Rate                                                                                  8.00%
                                    Appraisal                                                                                       N/A
                                    New Debt                                                                                    70% N/A
                                    Loan Fees                                                                                 2.00% N/A
                                    Existing Senior Loan Repayment                                                                  N/A
                                    Available for Distribution                                                                      N/A
GOLDEN ENERGY USA, LLC                                                                    PROPRIETARY CONFIDENTIAL




             Sale in Year 1 Analysis
             Net Cash Flow From Operations Year 1                                                       $3,703,883
             Property Cap Rate                                                                                  8%

             Sale Price                                                                                $46,298,539
             Senior Debt Repayment                                                                     $26,381,268
             Transaction Cost                                                                           $2,777,912
             Net Cash Flow From Sale                                                                   $17,139,359

             Cash Flow to Equity                  Year                                0                  1
             Equity Investment                                                      ($5,649,726)
             Preferred Returns                                                         $451,978           $361,386
             Equity Payback                                                          $1,132,397         $1,042,340
             Cash Distribution to Equity (from Operations)                                   $0                 $0
             Cash Distribution to Equity (from Sale)                                                    $8,569,680

             Total Cash Flow to Equity                                              ($4,065,351)        $9,973,406

             Equity IRR                            145%


                                                          Annual Cash Flow To Equity

                                    $12,000,000

                                    $10,000,000

                                     $8,000,000
                Pre Tax Cash Flow




                                     $6,000,000

                                     $4,000,000

                                     $2,000,000

                                             $0
                                                                0                                  1
                                    ($2,000,000)

                                    ($4,000,000)

                                    ($6,000,000)
                                                                             Year
GOLDEN ENERGY USA, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     PROPRIETARY CONFIDENTIAL




                                    Solar Power Project                                                                                                Capital Structure                                                                                              Equity Returns Summary
                                    Total Development Cost ($/watt AC)                                          $      4.44                            Senior Debt           90%                                                 ##########                           Equity Investment                                                               $ 4,471,481
                                    System Size (MW AC)                                                               10.07                                            Loan #1                                                   ##########
                                    Year 1 MWh Sale Price                                                       $       135                                            Loan #2                                                   ##########
                                    Year 1 MWh SREC Sale Price                                                  $        65                            Equity                10%                                                $ 4,471,481
                                    Year 1 Annual Output (MWh AC)                                                    22,705                                                                                                                                                                                                      Monthly Cash Flow To Equity
                                    Panel Type                                                                   Polysilicon                           Total Capital Stack                                                      ##########
                                    Tracker                                                              Single Axis Tracker                                                                                                                                                                   $1,000,000
                                    Total Development Cost
                                    Acquisition                                                                     Cost
                                    Entitlement, Lease, Interconnect/PPA/SREC Agreements                        $ 1,000,000                                                                                                                                                                               $0
                                                                                                                                                                                                                                                                                                                    1        3      5             7      9            11      13        15    17      19        21      23
                                    Construction
                                    10 MW AC Solar Power Array                                                   ##########                                                                                                                                                                ($1,000,000)




                                                                                                                                                                                                                                                                       Pre Tax Cash Flow
                                    Non-1603 Qualifying Construction Costs                                      $ 400,000
                                    Developer Fee                                                               $ 3,540,715
                                                                                                                                                                                                                                                                                           ($2,000,000)
                                    Financing
                                    Construction Loan #1 Fee ($26,828,889) @ 2.00%                              $ 536,578
                                    Construction Loan #1 Interest ($26,828,889) @ 7.00%                         $ 1,878,022
                                    Construction Loan #2 Fee ($13,414,444) @ 2.00%                              $ 268,289                                                                                                                                                                  ($3,000,000)
                                    Construction Loan #2 Interest ($13,414,444) @ 7.00%                         $ 939,011
                                    Equity Placement Fee                                                        $ 268,289
                                                                                                                                                                                                                                                                                           ($4,000,000)
                                    Contingency                                                                 $    876,761

                                    Total Development Cost                                                      ##########
                                                                                                                                                                                                                                                                                           ($5,000,000)
                                                                                                                                                                                                                                                                                                                                                                           Month




                                    PROFORMA
                                    Year                                                                               0                  0                  0                 0                 0                 0                 0                  0                                  0                    0                    0                       0                     1                 1                   1               1              1              1              1              1              1             1               1             1
                                    Month                                                                              1                  2                  3                 4                 5                 6                 7                  8                                  9                   10                   11                       12                    13                14                  15             16             17             18             19             20             21             22             23             24
                                    Energy Production (MWh AC)                                                                  0                  0                  0            631               631               631               1,261              1,261                              1,261              1,892                1,892                   1,892                 1,892             1,892               1,892           1,892          1,892          1,892          1,892          1,892          1,892         1,892           1,892         1,892

                                    Revenues
                                    Energy Sales ($/MWh AC)                                                                    $0                 $0                 $0      $85,144           $85,144           $85,144          $170,288           $170,288                  $170,288                    $255,431               $255,431              $255,431               $260,540            $260,540            $260,540       $260,540       $260,540       $260,540       $260,540       $260,540       $260,540       $260,540       $260,540       $260,540
                                    SREC Sales                                                                                 $0                 $0                 $0      $40,995           $40,995           $40,995           $81,990            $81,990                   $81,990                    $122,985               $122,985              $122,985               $122,985            $122,985            $122,985       $122,985       $122,985       $122,985       $122,985       $122,985       $122,985       $122,985       $122,985       $122,985
                                    Total Revenue                                                                              $0                 $0                 $0     $126,139          $126,139          $126,139          $252,278           $252,278                  $252,278                    $378,417               $378,417              $378,417               $383,525            $383,525            $383,525       $383,525       $383,525       $383,525       $383,525       $383,525       $383,525       $383,525       $383,525       $383,525

                                    Costs
                                    O&M                                                                                        $0                 $0                 $0     ($39,161)         ($39,161)         ($39,161)         ($39,161)          ($39,161)                     ($39,161)               ($39,161)              ($39,161)             ($39,161)              ($29,665)            ($29,665)          ($29,665)      ($29,665)      ($29,665)      ($29,665)      ($29,665)      ($29,665)      ($29,665)      ($29,665)      ($29,665)      ($29,665)
                                    G&A                                                                                        $0                 $0                 $0      ($6,307)          ($6,307)          ($6,307)         ($12,614)          ($12,614)                     ($12,614)               ($18,921)              ($18,921)             ($18,921)              ($19,176)            ($19,176)          ($19,176)      ($19,176)      ($19,176)      ($19,176)      ($19,176)      ($19,176)      ($19,176)      ($19,176)      ($19,176)      ($19,176)
                                    Inverter Replacement Fund                                                                  $0                 $0                 $0           $0                $0                $0                $0                 $0                            $0                      $0                     $0                    $0                ($6,993)             ($6,971)           ($6,949)       ($6,927)       ($6,906)       ($6,884)       ($6,862)       ($6,840)       ($6,818)       ($6,796)       ($6,775)       ($6,753)
                                    Insurance Premiums                                                                         $0                 $0                 $0     ($22,378)         ($22,378)         ($22,378)         ($22,378)          ($22,378)                     ($22,378)               ($22,378)              ($22,378)             ($22,378)              ($16,951)            ($16,951)          ($16,951)      ($16,951)      ($16,951)      ($16,951)      ($16,951)      ($16,951)      ($16,951)      ($16,951)      ($16,951)      ($16,951)
                                    Land Lease (Capitalized Until Under Operation)                                             $0                 $0                 $0      ($1,563)          ($1,563)          ($1,563)          ($1,563)           ($1,563)                      ($1,563)                ($1,563)               ($1,563)              ($1,563)               ($2,083)             ($2,083)           ($2,083)       ($2,083)       ($2,083)       ($2,083)       ($2,083)       ($2,083)       ($2,083)       ($2,083)       ($2,083)       ($2,083)
                                    Total Costs                                                                                $0                 $0                 $0     ($69,408)         ($69,408)         ($69,408)         ($75,715)          ($75,715)                     ($75,715)               ($82,022)              ($82,022)             ($82,022)              ($74,868)            ($74,847)          ($74,825)      ($74,803)      ($74,781)      ($74,759)      ($74,737)      ($74,715)      ($74,694)      ($74,672)      ($74,650)      ($74,628)

                                    Net Cash Flow From Operations                                                              $0                 $0                 $0      $56,731           $56,731           $56,731          $176,563           $176,563                  $176,563                    $296,394               $296,394              $296,394               $308,657            $308,679            $308,701       $308,722       $308,744       $308,766       $308,788       $308,810       $308,832       $308,854       $308,875       $308,897

                                    Loan Interest Expense (Capitalized in Year 0)                                              $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0      ($156,502)           ($156,309)         ($156,114)     ($155,919)     ($155,722)     ($155,525)     ($155,326)     ($155,126)     ($154,924)     ($154,722)     ($154,518)     ($154,314)
                                    Loan Principal Repayment Expense (Interest Only in Year 0)                                 $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0       ($33,119)            ($33,312)          ($33,507)      ($33,702)      ($33,899)      ($34,096)      ($34,295)      ($34,495)      ($34,697)      ($34,899)      ($35,103)      ($35,307)
                                    Interest Earned on Inverter Replacement Fund                                               $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0             $0                  $22                $44            $66            $87          $109           $131           $153           $175           $197           $219           $240
                                    Loan Fees if Refinanced                                                                    $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0             $0                   $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0
                                    Cash Flow if Refinanced                                                                    $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0             $0                   $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0
                                    Net Finance Costs                                                                          $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0      ($189,621)           ($189,599)         ($189,577)     ($189,555)     ($189,534)     ($189,512)     ($189,490)     ($189,468)     ($189,446)     ($189,424)     ($189,402)     ($189,381)

                                    NET CASH FLOW FOR DISTRIBUTION                                                             $0                 $0                 $0      $56,731           $56,731           $56,731          $176,563           $176,563                  $176,563                    $296,394               $296,394              $296,394               $119,036            $119,080            $119,123       $119,167       $119,211       $119,254       $119,298       $119,342       $119,386       $119,429       $119,473       $119,517

                                    Preferred Return to Equity and Equity Payback
                                    Preferred Return to Equity                                                                 $0                 $0                 $0     ($56,731)         ($56,731)         ($56,731)         ($38,477)          ($28,889)            ($27,905)                        ($26,914)              ($25,117)             ($23,309)              ($21,488)            ($20,838)          ($20,183)      ($19,523)      ($18,859)      ($18,190)      ($17,516)      ($16,838)      ($16,154)      ($15,466)      ($14,773)      ($14,075)
                                    Equity Payback                                                                             $0                 $0                 $0           $0                $0                $0         ($138,085)         ($147,673)           ($148,658)                       ($269,481)             ($271,277)            ($273,086)              ($97,548)            ($98,242)          ($98,940)      ($99,644)     ($100,352)     ($101,064)     ($101,782)     ($102,504)     ($103,231)     ($103,963)     ($104,700)     ($105,442)

                                    Net Cash Flow After Preferred Return and Equity Pay Down                                   $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0                 $0                $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0

                                    Cash Distributions
                                    Cash to Equity                                                                             $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0                 $0                $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0
                                    Cash to Developer                                                                          $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0                 $0                $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0

                                    Summary of Distributions                                                         1                   2                  3                   4                 5                 6                7                  8                  9                                  10                  11                       12                     13               14                     15             16             17             18             19             20             21             22             23             24
                                    Accrued Equity Balance                                       ($4,471,481)   ($4,471,481)        ($4,471,481)       ($4,471,481)       ($4,471,481)      ($4,471,481)      ($4,471,481)      ($4,333,396)       ($4,185,723)       ($4,037,066)                       ($3,767,585)        ($3,496,308)             ($3,223,222)           ($3,125,674)     ($3,027,432)           ($2,928,492)   ($2,828,848)   ($2,728,496)   ($2,627,432)   ($2,525,650)   ($2,423,146)   ($2,319,915)   ($2,215,951)   ($2,111,251)   ($2,005,810)
                                    Net Cash Flow to Equity                                                     ($4,471,481)                 $0                 $0            $56,731           $56,731           $56,731         $176,563           $176,563           $176,563                           $296,394            $296,394                 $296,394               $119,036         $119,080               $119,123       $119,167       $119,211       $119,254       $119,298       $119,342       $119,386       $119,429        $119,473      $119,517
                                    Equity IRR                                                           -3%

                                    Net Cash Flow to Developer                                                                                    $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0                 $0                $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0

                                    Taxes                                                   Year                       0                  0                  0                 0                 0                 0                 0                  0                                  0                    0                    0                       0                     1                 1                   1               1              1              1              1              1              1             1               1             1
                                                                                            Month                      1                  2                  3                 4                 5                 6                 7                  8                                  9                   10                   11                       12                    13                14                  15             16             17             18             19             20             21             22             23             24
                                    New Mexico Income Tax
                                    Taxable Income                                                                         $0                $0                 $0           $56,731           $56,731           $56,731          $176,563           $176,563             $176,563                         $296,394               $296,394              $296,394               $315,650          $315,694              $315,737       $315,781       $315,825       $315,869       $315,912       $315,956       $316,000       $316,043       $316,087       $316,131
                                    Interest Payments                                                                      $0                $0                 $0                $0                $0                $0                $0                 $0                   $0                               $0                     $0                    $0              ($156,502)        ($156,309)            ($156,114)     ($155,919)     ($155,722)     ($155,525)     ($155,326)     ($155,126)     ($154,924)     ($154,722)     ($154,518)     ($154,314)
                                    Taxable Income After Interest Payments                                                 $0                $0                 $0           $56,731           $56,731           $56,731          $176,563           $176,563             $176,563                         $296,394               $296,394              $296,394               $159,148          $159,385              $159,623       $159,862       $160,103       $160,344       $160,587       $160,830       $161,075       $161,321       $161,569       $161,817
                                    Depreciation                                                                     $642,749          $642,749           $642,749          $642,749          $642,749          $642,749          $642,749           $642,749             $642,749                         $642,749               $642,749              $642,749             $1,028,399        $1,028,399            $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399
                                    Taxable Income                                                                  ($642,749)        ($642,749)         ($642,749)        ($586,019)        ($586,019)        ($586,019)        ($466,187)         ($466,187)           ($466,187)                       ($346,355)             ($346,355)            ($346,355)             ($869,251)        ($869,014)            ($868,776)     ($868,537)     ($868,296)     ($868,055)     ($867,812)     ($867,568)     ($867,324)     ($867,077)     ($866,830)     ($866,582)
                                    State Tax Refund/(Liability)                                       0.00%               $0                $0                 $0                $0                $0                $0                $0                 $0                   $0                               $0                     $0                    $0                     $0                $0                    $0             $0             $0             $0             $0             $0             $0             $0             $0             $0

                                    Federal Income Tax
                                    Taxable Income                                                                         $0                $0                 $0           $56,731           $56,731           $56,731          $176,563           $176,563                  $176,563                    $296,394               $296,394              $296,394               $315,650             $315,694           $315,737       $315,781       $315,825       $315,869       $315,912       $315,956       $316,000       $316,043       $316,087       $316,131
                                    Interest Payments                                                                      $0                $0                 $0                $0                $0                $0                $0                 $0                        $0                          $0                     $0                    $0              ($156,502)           ($156,309)         ($156,114)     ($155,919)     ($155,722)     ($155,525)     ($155,326)     ($155,126)     ($154,924)     ($154,722)     ($154,518)     ($154,314)
                                    Taxable Income After Interest Payments                                                 $0                $0                 $0           $56,731           $56,731           $56,731          $176,563           $176,563                  $176,563                    $296,394               $296,394              $296,394               $159,148             $159,385           $159,623       $159,862       $160,103       $160,344       $160,587       $160,830       $161,075       $161,321       $161,569       $161,817
                                    Depreciation Schedule                                                               1.67%             1.67%              1.67%             1.67%             1.67%             1.67%             1.67%              1.67%                     1.67%                       1.67%                  1.67%                 1.67%                  2.67%                2.67%              2.67%          2.67%          2.67%          2.67%          2.67%          2.67%          2.67%          2.67%          2.67%          2.67%
                                    Depreciation Basis                                       $ 44,714,815
                                    Depreciation                                                                     $642,749          $642,749           $642,749          $642,749          $642,749          $642,749          $642,749           $642,749             $642,749                         $642,749               $642,749              $642,749             $1,028,399        $1,028,399            $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399     $1,028,399
                                    State Taxes Refund/(Liability)                                                         $0                $0                 $0                $0                $0                $0                $0                 $0                   $0                               $0                     $0                    $0                     $0                $0                    $0             $0             $0             $0             $0             $0             $0             $0             $0             $0
                                    Taxable Income                                                                  ($642,749)        ($642,749)         ($642,749)        ($586,019)        ($586,019)        ($586,019)        ($466,187)         ($466,187)           ($466,187)                       ($346,355)             ($346,355)            ($346,355)             ($869,251)        ($869,014)            ($868,776)     ($868,537)     ($868,296)     ($868,055)     ($867,812)     ($867,568)     ($867,324)     ($867,077)     ($866,830)     ($866,582)
                                    Federal Tax Refund/(Liability)                                     0.00%               $0                $0                 $0                $0                $0                $0                $0                 $0                   $0                               $0                     $0                    $0                     $0                $0                    $0             $0             $0             $0             $0             $0             $0             $0             $0             $0
                                    Investment Tax Credit (N/A, Cash Grant in Lieu)
                                    Total Tax Refund/(Liability)                                                               $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0                 $0                $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0

                                    Cumulative Tax Refund/(Liability) - Running Total                                          $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0                 $0                $0                 $0             $0             $0             $0             $0             $0             $0             $0             $0             $0


                                    Debt Schedule                                           Year                       0                  0                  0                 0                 0                 0                 0                  0                                  0                    0                    0                       0                     1                 1                   1               1              1              1              1              1              1             1               1             1
                                                                                            Month                      1                  2                  3                 4                 5                 6                 7                  8                                  9                   10                   11                       12                    13                14                  15             16             17             18             19             20             21             22             23             24
                         Option 1   Construction Loan #1 - Interest Only in Year 0
                                    Beginning Balance                                                           $26,828,889         $26,828,889         $26,828,889       $26,828,889       $26,828,889       $26,828,889       $26,828,889        $26,828,889        $26,828,889                        $26,828,889         $26,828,889              $26,828,889
                                    Debt Service - Interest Only                                                   $156,502            $156,502            $156,502          $156,502          $156,502          $156,502          $156,502           $156,502           $156,502                           $156,502            $156,502                 $156,502
                                    Interest                                                                       $156,502            $156,502            $156,502          $156,502          $156,502          $156,502          $156,502           $156,502           $156,502                           $156,502            $156,502                 $156,502
                                    Principal Reduction                                                                  $0                  $0                  $0                $0                $0                $0                $0                 $0                 $0                                 $0                  $0                       $0
                                    Ending Balance                                                              $26,828,889         $26,828,889         $26,828,889       $26,828,889       $26,828,889       $26,828,889       $26,828,889        $26,828,889        $26,828,889                        $26,828,889         $26,828,889              $26,828,889

                                    Construction Loan #2 - Interest Only in Year 0
                                    Beginning Balance                                                           $13,414,444         $13,414,444         $13,414,444       $13,414,444       $13,414,444       $13,414,444       $13,414,444        $13,414,444        $13,414,444                        $13,414,444         $13,414,444              $13,414,444
                                    Debt Service - Interest Only                                                    $78,251             $78,251             $78,251           $78,251           $78,251           $78,251           $78,251            $78,251            $78,251                            $78,251             $78,251                  $78,251
                                    Interest                                                                        $78,251             $78,251             $78,251           $78,251           $78,251           $78,251           $78,251            $78,251            $78,251                            $78,251             $78,251                  $78,251
                                    Principal Reduction                                                                  $0                  $0                  $0                $0                $0                $0                $0                 $0                 $0                                 $0                  $0                       $0
                                    Ending Balance                                                              $13,414,444         $13,414,444         $13,414,444       $13,414,444       $13,414,444       $13,414,444       $13,414,444        $13,414,444        $13,414,444                        $13,414,444         $13,414,444              $13,414,444

                                    Refinance in Year 1
                                    Beginning Balance                                                                               $32,408,978         $32,368,970       $32,328,729       $32,288,254       $32,247,542       $32,206,592        $32,165,404        $32,123,976                        $32,082,306         $32,040,393              $31,998,235            $31,955,832      $31,913,181            $31,870,281    $31,827,131    $31,783,729    $31,740,075    $31,696,165    $31,652,000    $31,607,576    $31,562,894    $31,517,951    $31,472,746
                                    Debt Service                                                                                       $229,060            $229,060          $229,060          $229,060          $229,060          $229,060           $229,060           $229,060                           $229,060            $229,060                 $229,060               $229,060         $229,060               $229,060       $229,060       $229,060       $229,060      $229,060       $229,060       $229,060       $229,060        $229,060      $229,060
                                    Interest                                                                                           $189,052            $188,819          $188,584          $188,348          $188,111          $187,872           $187,632           $187,390                           $187,147            $186,902                 $186,656               $186,409         $186,160               $185,910       $185,658       $185,405       $185,150      $184,894       $184,637       $184,378       $184,117        $183,855      $183,591
                                    Principal Reduction                                                                                 $40,008             $40,241           $40,476           $40,712           $40,949           $41,188            $41,428            $41,670                            $41,913             $42,158                  $42,404                $42,651          $42,900                $43,150        $43,402        $43,655        $43,909        $44,166        $44,423        $44,682        $44,943        $45,205        $45,469
                                    Ending Balance                                                                                  $32,368,970         $32,328,729       $32,288,254       $32,247,542       $32,206,592       $32,165,404        $32,123,976        $32,082,306                        $32,040,393         $31,998,235              $31,955,832            $31,913,181      $31,870,281            $31,827,131    $31,783,729    $31,740,075    $31,696,165    $31,652,000    $31,607,576    $31,562,894    $31,517,951    $31,472,746    $31,427,277

                         Option 2   Construction / Permanent Loan #1 - Interest Only in Year 0
                                    Beginning Balance                                                           $26,828,889         $26,828,889         $26,828,889       $26,828,889       $26,828,889       $26,828,889       $26,828,889        $26,828,889        $26,828,889                        $26,828,889         $26,828,889              $26,828,889            $26,828,889      $26,795,770            $26,762,457    $26,728,951    $26,695,249    $26,661,350    $26,627,254    $26,592,958    $26,558,463    $26,523,766    $26,488,867    $26,453,764
                                    Debt Service                                                                   $156,502            $156,502            $156,502          $156,502          $156,502          $156,502          $156,502           $156,502           $156,502                           $156,502            $156,502                 $156,502               $189,621         $189,621               $189,621       $189,621       $189,621       $189,621      $189,621       $189,621       $189,621       $189,621        $189,621      $189,621
                                    Interest                                                                       $156,502            $156,502            $156,502          $156,502          $156,502          $156,502          $156,502           $156,502           $156,502                           $156,502            $156,502                 $156,502               $156,502         $156,309               $156,114       $155,919       $155,722       $155,525      $155,326       $155,126       $154,924       $154,722        $154,518      $154,314
                                    Principal Reduction                                                                  $0                  $0                  $0                $0                $0                $0                $0                 $0                 $0                                 $0                  $0                       $0                $33,119          $33,312                $33,507        $33,702        $33,899        $34,096        $34,295        $34,495        $34,697        $34,899        $35,103        $35,307
                                    Ending Balance                                                              $26,828,889         $26,828,889         $26,828,889       $26,828,889       $26,828,889       $26,828,889       $26,828,889        $26,828,889        $26,828,889                        $26,828,889         $26,828,889              $26,828,889            $26,795,770      $26,762,457            $26,728,951    $26,695,249    $26,661,350    $26,627,254    $26,592,958    $26,558,463    $26,523,766    $26,488,867    $26,453,764    $26,418,457

                                    Construction Loan #2 - Interest Only in Year 0
                                    Beginning Balance                                                           $13,414,444         $13,414,444         $13,414,444       $13,414,444       $13,414,444       $13,414,444       $13,414,444        $13,414,444        $13,414,444                        $13,414,444         $13,414,444              $13,414,444
                                    Debt Service - Interest Only                                                    $78,251             $78,251             $78,251           $78,251           $78,251           $78,251           $78,251            $78,251            $78,251                            $78,251             $78,251                  $78,251
                                    Interest                                                                        $78,251             $78,251             $78,251           $78,251           $78,251           $78,251           $78,251            $78,251            $78,251                            $78,251             $78,251                  $78,251
                                    Principal Reduction                                                                  $0                  $0                  $0                $0                $0                $0                $0                 $0                 $0                                 $0                  $0                       $0
                                    Ending Balance                                                              $13,414,444         $13,414,444         $13,414,444       $13,414,444       $13,414,444       $13,414,444       $13,414,444        $13,414,444        $13,414,444                        $13,414,444         $13,414,444              $13,414,444

                                    Inverter Replacement Fund                               Year                       0                  0                  0                 0                 0                 0                 0                  0                                  0                    0                    0                       0                     1                 1                   1               1              1              1              1              1              1             1               1             1
                                                                                            Month                      1                  2                  3                 4                 5                 6                 7                  8                                  9                   10                   11                       12                    13                14                  15             16             17             18             19             20             21             22             23             24
                                    Beginning Balance                                                                          $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0                $0           $6,993             $13,986        $20,979        $27,972        $34,965        $41,958        $48,951        $55,944        $62,938        $69,931        $76,924
                                    Initial Funding                                                                            $0                 $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0           $6,993            $6,993              $6,993         $6,993         $6,993         $6,993         $6,993         $6,993         $6,993         $6,993         $6,993         $6,993
                                    Withdrawal                                                                             -                  -                  -                 -                 -                 -                  -                  -                                  -                   -                    -                        -                   -                 -                   -              -              -              -              -              -              -              -              -              -
                                    Final Operations Year Withdrawal
                                    Ending Balance                                                                         $0                     $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0           $6,993           $13,986             $20,979        $27,972        $34,965        $41,958        $48,951        $55,944        $62,938        $69,931        $76,924        $83,917
                                    Interest Rate                                           Monthly                     0.31%
                                    Net Cash Flow                                                                          $0                     $0                 $0                $0                $0                $0                 $0                 $0                                 $0                  $0                   $0                       $0           ($6,993)          ($6,971)            ($6,949)       ($6,927)       ($6,906)       ($6,884)       ($6,862)       ($6,840)       ($6,818)       ($6,796)       ($6,775)       ($6,753)

                                    Summary of Refinancing in Year 1(Month 24) of Operation (Option)                   0                  1                  2                 3                 4                 5                 6                  7                                  8                   9                    10                       11                    12                13                  14             15             16             17             18             19             20             21             22             23
                                    Net Cash Flow from Operations                                                                   N/A
                                    Cap Rate                                                                            8.00%
                                    Appraisal                                                                                 N/A
                                    New Debt                                                                              70% N/A
                                    Loan Fees                                                                           2.00% N/A
                                    Existing Senior Loan Repayment                                                            N/A
                                    Available for Distribution                                                                N/A
                      GOLDEN ENERGY USA, LLC                                                                                                                                                                                                                                                               PROPRIETARY CONFIDENTIAL




Sale in Year 1 Analysis
Net Cash Flow From Operations Year 1                                                     $3,703,883
Property Cap Rate                                                                                8%

Sale Price                                                                              $46,298,539
Senior Debt Repayment                                                                   $26,381,268
Transaction Cost                                                                         $2,777,912
Net Cash Flow From Sale                                                                 $17,139,359

Cash Flow to Equity                   Year                                  0                0         0         0         0         0          0          0          0          0          0          0          1          1          1          1          1          1          1          1          1          1          1            1
                                      Month                                 1                2         3         4         5         6          7          8          9         10         11         12         13         14         15         16         17         18         19         20         21         22         23           24
Equity Investment                                                        ($5,649,726)
Preferred Returns                                                                 $0              $0       $0   $56,731   $56,731   $56,731    $38,477    $28,889    $27,905    $26,914    $25,117    $23,309    $21,488    $20,838    $20,183    $19,523    $18,859    $18,190    $17,516    $16,838    $16,154    $15,466    $14,773      $14,075
Equity Payback                                                                    $0              $0       $0        $0        $0        $0   $138,085   $147,673   $148,658   $269,481   $271,277   $273,086    $97,548    $98,242    $98,940    $99,644   $100,352   $101,064   $101,782   $102,504   $103,231   $103,963   $104,700     $105,442
Cash Distribution to Equity (from Operations)                                     $0              $0       $0        $0        $0        $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0           $0
Cash Distribution to Equity (from Sale)                                           $0              $0       $0        $0        $0        $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0         $0   $8,569,680

Total Cash Flow to Equity                                                ($5,649,726)             $0       $0   $56,731   $56,731   $56,731   $176,563   $176,563   $176,563   $296,394   $296,394   $296,394   $119,036   $119,080   $119,123   $119,167   $119,211   $119,254   $119,298   $119,342   $119,386   $119,429   $119,473   $8,689,196

Equity IRR                           55%


                                           Monthly Cash Flow To Equity


                      $10,000,000

                       $8,000,000

                       $6,000,000
  Pre Tax Cash Flow




                       $4,000,000

                       $2,000,000

                               $0
                                     1     3   5    7   9   11     13    15   17   19   21   23
                      ($2,000,000)

                      ($4,000,000)

                      ($6,000,000)

                      ($8,000,000)
                                                                 Month

								
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